Horizon Emerging Markets ex- China Fund

The Fund invests at least 80% of its assets in a portfolio of shares (equities) and equity-related securities of companies having their registered office in emerging markets and or companies that do not have their registered office in emerging markets but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in emerging markets. In this context, the term “emerging markets” means countries included in the MSCI EM ex-China Index or those which are referred to by the World Bank as developing countries or those countries which are, in the Investment Manager’s opinion, developing countries. The companies can be of any size, in any industry.
The Fund may also invest in other assets including companies outside emerging markets, investment grade government bonds, cash and money market instruments.
The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the MSCI EM ex-China Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.